Blockchain is expanding by leaps and bounds in the field of fintech and logistics. However, little does the world know that the technology can prove extremely innovative in tracking workplace experiences, especially in supply chain companies. Owing to this, many companies are already envisioning a future in which logistics based on new decentralized technologies help up their procurement processes and increase transparency in the tracking of goods.
The past two years have marked the extension of blockchain beyond fintech and into manufacturing units. New America, Sustainability and Health Initiative for NetPositive Enterprise (SHINE) at Harvard T.H. Chan School of Public Health, Levi Strauss Foundation, and ConsenSys have formed a coalition to create a SHINE Wellbeing Survey to conduct well-being assessments of factory workers.
The new approach integrated the survey into a secure blockchain network that could be deployed in person as well as remotely. The results of the assessments were used to empower factory workers to share and express their experiences in the workplace. Survey Assure, the minimum viable product (MVP), compiled responses and encrypted them with Ethereum. This helped them create an unchangeable record of all workers and come up with visual presentations that highlight the experiences of workers.
It’s true that blockchain has proved its potential in fintech and its application in non-fintech settings is still underdeveloped. There are several challenges to overcome, but the global supply chain will certainly see a huge innovation if companies increase their investment in digital infrastructure, develop safe identity solutions and nurture technical talent. In the end, it’s important to strike a balance between creative visions of a decentralized future and responsible practicality.